16 Mar 10
After today’s decision by the Federal Reserve to maintain the target fed funds rate at zero to 25 basis points, Swiss Re’s chief US Economist, Kurt Karl, commented, “The Fed reiterated that it will be on hold for an extended period, which we estimate to be until early 2011. Inflation risks are low and employment growth is stagnant, so there is no hurry to tighten monetary policy.”
15 Mar 10
According to Swiss Re’s latest sigma study, natural catastrophes and man-made disasters claimed approximately 15 000 lives and cost insurers USD 26 billion in 2009. The overall cost to society was USD 62 billion. Insured losses were below average due to a calm US hurricane season.
12 Mar 10
Swiss Re today published its 2009 annual report, containing the audited annual and consolidated financial statements for the 2009 financial year. At the same time, Swiss Re announced the proposals of its Board of Directors to the company’s shareholders for the 146th Ordinary General Meeting to be held on Wednesday, 7 April 2010, in Zurich, Switzerland.
10 Mar 10
Swiss Re today announced that, based on current information, it provisionally estimates its loss arising from the earthquake in Chile to be USD 500 million. The total insured losses for the insurance sector for the earthquake in Chile are estimated to be in the range of USD 4.0 billion to USD 7.0 billion. In addition, Swiss Re estimates its loss for the European winter storm Xynthia to be approximately USD 100 million.
18 Feb 10
Swiss Re reported net income of CHF 506 million for the full year 2009. Earnings per share were CHF 1.49. The estimated excess capital at AA level increased to more than CHF 9 billion. During 2009, Swiss Re’s core business continued to demonstrate strong earnings power, while the company significantly de-risked and strengthened its balance sheet.
18 Jan 10
Swiss Re announced today the closing of a US individual life retrocession transaction with Berkshire Hathaway. The transaction builds on Swiss Re’s tradition of portfolio steering and reinsurance risk transformation and will improve its capital efficiency.
14 Jan 10
The World Economic Forum today released Global Risks 2010, its annual report on the most significant and underlying global risks facing the global economy this year and beyond.
05 Jan 10
Zurich, 5 January 2010 – Swiss Re has obtained USD 150 million protection for California earthquake risk through the Redwood Capital XI Ltd. catastrophe bond programme.
04 Jan 10
Zurich, 4 January 2010 – Swiss Re announced today that it has entered into a USD 1.0 billion long term Letter of Credit facility with JP Morgan, in order to support its US life business over the long term.
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